HomeMy WebLinkAboutOrdinance Book 18, Page 1007, Ordinance Number 75-9-11751007
ORDINANCE NO. 75-9-1175
AN ORDINANCE AUTHORIZING AN AMENDMENT TO THE LEASE AGREEMENT
DATED NOVEMBER 22, 1968, BY AND BETWEEN THE CITY OF PADUCAII, KENTUCKY
AND FOREST HILLS PUBLIC PROJECT CORPORATION
WHEREAS, the City of Paducah, Kentucky, and Forest Hills Public Project
Corporation, on November 22, 1968 entered into a lease agreement which provided,
among other things, for the payment of in -lieu -of taxes to the City of Paducah and
County of McCracken, and
WHEREAS, it has now become apparent that the basis for computation of the
aforesaid in -lieu -of tax payments has created a situation which has become unjustly
burdensome upon Forest Hills Public Project Corporation, and that some relief should
therefore be granted, and
WHEREAS, after careful deliberation the Board of Commissioners of the City
of Paducah, Kentucky, desires to grant some relief, but with the provision that should
at some future date the relief granted be found, in the opinion of the Board of Commissioners
of the City of Paducah, Kentucky, to be unnecessary for the prudent operation of Forest
Hills Public Project, that the Board of Directors of the Forest Hills Public Project Cor-
poration will agree, without protest, to an immediate termination of the relief herein
granted.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the Mayor and City Clerk are hereby authorized and directed
to enter into an Addendum to the Lease between the City of Paducah, Kentucky and the
Forest Hills Public Project Corporation, dated November 22, 1968, which will provide
that in -lieu -of tax payments made to the City of Paducah and County of ,11cCracken
by Forest hills Public Project Corporation shall be upon the basis of the assessed value
Of the property which shall be fixed at the sum of $2,500,000.00.
SECTION 2. That the aforesaid Addendum to Lease shall further provide that in
addition to the in-licu-of tax payments made to the City of Paducah and County of
McCracken, as provided in paragraph I above, the Forest hills Public Project Corpora-
tion will agree to pay to the. City of Paducah, Kentucky, each year, it's semi-annual r
installments, simultaneously with the nkrementimted in -lieu -of tax payments, an amount j
that shall tic at least equal to the prevailing city tax rate, for that year, times the sum
i
of $2,000,000.00. The aforesaid Addendum to Lenec shall further provide that the City of
Padm:ah, Kentucky and Forest (tills Public Project Corporation, will each agree, that 1
1008
the aforesaid sum shall be paid by the City of Paducah, Kentucky, into the account
known as "City of Paducah Voted Public Facilities (Forest Hills) Bond Sinking Fund
for 1968" now being maintained with the Paducah Bank and Trust Company.
SECTION 3. The aforesaid Addendum to Lease shall further provide that
the Board of Commissioners of the City of Paducah may, at their sole discretion and
at any time, upon written notice to the Forest Hills Public Project Corporation,
terminate the relief as granted by Section 1 and Section 2 above, and all in -lieu -of tax
payments shall thereon immediately revert to the basis for computation as described
in paragraph 5 of the lease dated November 22, 1968.
SECTION 4. By permitting the Addendum aforesaid the Board of Commission-
ers of the City of Paducah does not in any further manner modify or amend the Lease
Agreement between the City of Paducah, Kentucky, and Forest Hills Public Project
Corporation, dated November 22, 1968.
SECTION 5. This ordinance shall be introduced and remain on file for
public inspection for one week in the completed form in which it shall be put upon its
final passage, and if adopted shall be in full force and effect ten (10) days thereafter.
Mayor
Introduced by the Board of Commissioners September 23, 1975
Passed by the Board of Commissioners September 30, 1975
Recorded by Sarah Thurman, City Clerk, September 30, 1975.